Monday, October 10, 2011

Why it is so bad this time

Why the U.S. was better off in the Great Depression

The Great Recession may have officially ended in June, but most people don't feel it. Household income is still dropping. Unemployment is stuck above 9 percent. And there's no end in sight, says David Leonhardt in The New York Times. Consider the Great Depression. People typically associate that era with broad suffering. But few today realize that the U.S. economy was actually revving up during the 1930s, and setting up a post-Depression era of dizzying growth. The current economic slump doesn't have that silver lining. In fact, if we don't right our ship or stumble onto the next growth engine, we might remember the Great Depression as the good times. Here, an excerpt:
Comment: A very good point. The big difference is not crisis or not - there is no personal life without crisis nor for nation - the major point is how we cope with the challenge.

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